Cadence Financial Corp. in Starkville, Miss., said Monday that it does not expect the sudden departure of Seasons Bancshares Inc.'s president to delay the closing of its deal to buy the Blairsville, Ga., company.
David K. George, 50, left the $81 million-asset Seasons on July 31, Cadence said last week in a filing with the Securities and Exchange Commission. The filing did not explain his departure.
The deal, announced March 21 and scheduled to close in the fourth quarter, required Mr. George to stay on as a Cadence employee.
Nevertheless, "we intend to continue to push toward that fourth-quarter closure and evaluate the situation as we go forward," Richard T. Haston, the $1.5 billion-asset Cadence's chief financial officer, said Monday in an interview.
William L. Sutton, Seasons' chief executive officer, has become its interim president. He said he does not anticipate the resignation to delay the closing.
With every agreement, "from the time you sign it to the time it is finished, there's always a few rapids," he said Monday in an interview.
Mr. George is subject to a one-year noncompetitive agreement.
